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Ag Metal Miner

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The Global Energy Crunch Has Sent Steel Production Crashing

  • Global steel production has declined for the fourth month in a row.
  • The global energy crunch is forcing many producers to curb output. 
  • Metals producers across the globe are feeling the burden of rising energy costs.

Global crude steel production declined in September, marking the fourth straight month of month-over-month declines.

Global crude steel production falls to 144.4 MT

September global crude steel production fell to 144.4 million metric tons, the World Steel Association reported this week.

Metals producers around the world have felt the burden of rising energy costs, as we’ve noted in previous articles. Zinc prices, for example, have since retraced but earlier this month soared to 14-year highs. Belgian zinc producer Nyrstar said it would slash production in response to rising energy costs.

As for steel, September output declined from 154.4 million metric tons the previous month. Meanwhile, output declined by 8.9% on a year-over-year basis.

Top producer China saw its output fall from 83.2 million metric tons to 73.8 million metric tons in September.

Related: Will The Energy Sector Continue To Outperform The Market?

The China Iron and Steel Association overviewed the sector’s third-quarter performance on Monday.

“The steel industry has actively responded to changes in domestic and international demand and made efforts to overcome difficulties such as high raw and fuel material prices and rising pressure on ‘double carbon’ environmental protection,” CISA said. “The overall operation trend in the first three quarters was good, making outstanding contributions to meeting the steel demand of downstream industries and ensuring the sustainable recovery of the national economy. However, it also faces challenges such as a more complex market environment and difficulty in reducing costs and increasing efficiency.”

India, the second-largest steel producer, churned out 9.5 million metric tons amid a coal crisis of its own. The total marked a 7.2% year-over-year increase. However, output declined from August’s 9.9 million metric tons.

Meanwhile, Japanese output reached 8.1 million metric tons, or up 25.6% year over year.

E.U. production totaled 12.7 million metric tons, or up 15.6% year over year.

By AG Metal Miner

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  • DoRight Deikins on October 30 2021 said:
    Looks like Nucor's bid to lock in gas supply in LA a few years ago is going to pay off handsomely.
  • George Doolittle on October 30 2021 said:
    "everything must be priced in US Dollars at the moment" problem.

    Again...not complicated.

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